My first real estate investment!

[Sally Thayer]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $190,000

458 sq ft bungalow on a tiny lot. There is a 300 sq ft shed that I am hoping to convert to an adu. I am renovating the bungalow currently and hoping to cashflow 200-300 through short term rental. The adu would be icing on the cake.

What made you interested in investing in this type of deal?

Inspired by David Greene to just start on the BP podcast. I figured this was a small enough deal that I could handle it myself.

How did you find this deal and how did you negotiate it?

On MLS. The seller was quite difficult and stubborn. I ended paying more than I wanted but less than I would have.

How did you finance this deal?

Cash out refinance of my primary residence.

How did you add value to the deal?

Cash deal with no contigencies. Risky in that the house is on a cesspool and needs a septic system that is an unknown amount.

What was the outcome?

Still renovating - hoping to rent out July 1, 2022!

Lessons learned? Challenges?

Everything takes longer than you think it is going to.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself :)
I am a licensed agent looking to work with like minded investors.